Grupo Aval Acciones Y Valores S.A. (Aval): Análise de Pestle [Jan-2025 Atualizado]

No cenário dinâmico do setor bancário colombiano, o Grupo Avala acciones Y Valores S.A. (Aval) fica na encruzilhada de transformações políticas, econômicas e tecnológicas complexas. Essa análise abrangente de pestles revela a intrincada rede de fatores externos que moldam as decisões estratégicas da Aval, revelando como o banco navega em ambientes regulatórios desafiadores, interrupções tecnológicas e em evolução expectativas sociais. Das políticas governamentais à inovação digital, descubra as forças multifacetadas que impulsionam uma das instituições financeiras mais significativas da Colômbia e sua notável jornada por um ecossistema financeiro global cada vez mais interconectado.

Grupo Aval Acciones Y Valores S.A. (Aval) - Análise de Pestle: Fatores Políticos

Os regulamentos do setor bancário do governo colombiano impactam as estratégias operacionais da Aval

A superintendência das finanças da Colômbia se aplica Resolução 033 de 2022, que exige requisitos rígidos de adequação de capital para instituições financeiras. A partir de 2024, os bancos devem manter uma taxa mínima de adequação de capital de 9%.

Requisito regulatório	Limiar mínimo	Status de conformidade de Aval
Índice de adequação de capital	9%	11.2%
Índice de cobertura de liquidez	100%	135%

A estabilidade política na Colômbia influencia o clima de investimento do setor financeiro

Índice de Estabilidade Política da Colômbia em 2024 fica em -0.3 em uma escala de -2,5 a 2,5, indicando previsibilidade política moderada.

• Investimento direto estrangeiro no setor financeiro colombiano: US $ 2,1 bilhões em 2023
• Índice de Risco Político: 4,2 de 10
• Percentil da eficácia da governança: 54,8%

Políticas econômicas do governo que afetam o setor de serviços bancários e financeiros

O Banco Central da Colômbia manteve sua taxa de juros de referência em 13.25% Em janeiro de 2024, impactando diretamente a lucratividade do setor bancário.

Política econômica	Taxa atual	Impacto no Aval
Taxa de juros de referência	13.25%	Aumento da margem de juros líquidos
Alvo de inflação	3% ± 1%	Ambiente de empréstimo estável

Mudanças potenciais nos regulamentos tributários para instituições financeiras

O governo colombiano propôs um Taxa de imposto corporativo de 35% para instituições financeiras em 2024, em comparação com os 33%anteriores.

• Taxa de imposto corporativo proposto para setor financeiro: 35%
• Carga tributária adicional estimada para Aval: US $ 45,6 milhões
• Imposto sobre serviços financeiros digitais: 4% sobre renda bruta

Grupo Aval Acciones Y Valores S.A. (Aval) - Análise de Pestle: Fatores Econômicos

Crescimento do PIB da Colômbia e recuperação econômica

A taxa de crescimento do PIB da Colômbia em 2023 foi de 1,2%, com crescimento projetado de 2,3% em 2024. O desempenho do setor bancário está diretamente ligado a esses indicadores econômicos.

Indicador econômico	2023 valor	2024 Projeção
Taxa de crescimento do PIB	1.2%	2.3%
Valor total do PIB	US $ 343,5 bilhões	US $ 351,7 bilhões

Flutuações da taxa de juros

A taxa de juros de referência do Banco Central da Colômbia em janeiro de 2024 é de 13,25%, abaixo de 14,25% em setembro de 2023.

Período	Taxa de juro
Setembro de 2023	14.25%
Janeiro de 2024	13.25%

Taxas de inflação

A taxa de inflação da Colômbia em 2023 foi de 9,53%, com uma meta de 3% ± 1 ponto percentual pelo banco central.

Métrica da inflação	2023 valor	2024 Target
Taxa de inflação anual	9.53%	3% ± 1%

Tendências de investimento estrangeiro

O investimento estrangeiro direto na Colômbia atingiu US $ 15,9 bilhões em 2023, com serviços financeiros atraindo aproximadamente US $ 2,7 bilhões.

Categoria de investimento	2023 valor
Investimento total direto estrangeiro	US $ 15,9 bilhões
Investimento em serviços financeiros	US $ 2,7 bilhões

Grupo Aval Acciones Y Valores S.A. (Aval) - Análise de Pestle: Fatores sociais

Aumentando a adoção bancária digital entre a população colombiana

A partir de 2023, 72.4% de adultos colombianos usam plataformas bancárias digitais. Penetração bancária móvel alcançada 65.3% da população, com crescimento significativo nos centros urbanos.

Métrica bancária digital	Percentagem	Taxa de crescimento
Usuários bancários móveis	65.3%	18,6% A / A.
Usuários bancários online	72.4%	15,2% A / A.
Volume de transação digital	58.7%	22,1% A / A.

Mudança demográfica para consumidores bancários mais jovens, com experiência em tecnologia

Demografia da população colombiana mostra 56.3% dos consumidores bancários têm menos de 35 anos, com 43.7% sendo os consumidores digitais.

Faixa etária	Porcentagem de usuários bancários	Engajamento digital
18-24 anos	22.4%	91.2%
25-35 anos	33.9%	87.5%
36-45 anos	24.6%	65.3%

Crescente demanda por inclusão financeira nas áreas rurais e urbanas

As taxas de inclusão financeira na Colômbia alcançaram 68.9% em 2023, com áreas urbanas em 82.3% e áreas rurais em 45.6%.

Tipo de região	Taxa de inclusão financeira	Acesso bancário
Áreas urbanas	82.3%	94.5%
Áreas rurais	45.6%	52.1%
Média nacional	68.9%	76.4%

Mudança de preferências do consumidor para experiências bancárias personalizadas

A demanda do consumidor por serviços bancários personalizados mostra 64.7% preferência por soluções financeiras personalizadas, com 58.3% valorizando recomendações orientadas pela IA.

Preferência de personalização	Percentagem	Segmento do consumidor
Soluções financeiras personalizadas	64.7%	Consumidores que conhecem tecnologia
Recomendações orientadas pela IA	58.3%	Usuários bancários digitais
Ofertas personalizadas de produtos	62.1%	Jovens profissionais

Grupo Aval Acciones Y Valores S.A. (Aval) - Análise de Pestle: Fatores tecnológicos

Transformação digital rápida no setor de serviços financeiros

O Grupo Aval investiu US $ 127,6 milhões em iniciativas de transformação digital em 2023. As transações bancárias digitais aumentaram 42,3% em comparação com o ano anterior, atingindo 156 milhões de transações digitais anualmente.

Métrica de transformação digital	2023 valor
Investimento digital	US $ 127,6 milhões
Transações digitais	156 milhões
Crescimento da transação digital	42.3%

Investimento em plataformas bancárias fintech e digital

O Grupo Aval alocou US $ 45,2 milhões especificamente para o desenvolvimento da plataforma Fintech em 2023. O banco lançou 7 novos produtos bancários digitais e integrados 3 aplicativos bancários móveis avançados.

Categoria de investimento Fintech	2023 Estatísticas
Investimento de plataforma de fintech	US $ 45,2 milhões
Novos produtos bancários digitais	7 produtos
Aplicativos bancários móveis	3 aplicações

Desafios de segurança cibernética e desenvolvimento de infraestrutura tecnológica

O investimento em segurança cibernética atingiu US $ 22,7 milhões em 2023. O banco implementou 12 protocolos avançados de segurança e atualizou a infraestrutura tecnológica em 54 data centers.

Métrica de segurança cibernética	2023 valor
Investimento de segurança cibernética	US $ 22,7 milhões
Protocolos de segurança implementados	12 protocolos
Data Centers atualizados	54 centros

Inteligência artificial e integração de aprendizado de máquina em serviços bancários

O Grupo Aval investiu US $ 38,5 milhões em tecnologias de IA e aprendizado de máquina. O banco implantou 9 soluções de atendimento ao cliente orientadas pela IA e 5 modelos de avaliação de risco de aprendizado de máquina.

AI e métrica de aprendizado de máquina	2023 valor
Investimento em tecnologia da IA	US $ 38,5 milhões
Soluções de atendimento ao cliente da IA	9 soluções
Modelos de risco de aprendizado de máquina	5 modelos

Grupo Aval Acciones Y Valores S.A. (Aval) - Análise de Pestle: Fatores Legais

Conformidade com regulamentos financeiros colombianos e leis bancárias

Grupo Aval opera sob a estrutura regulatória do Superintendencia financeira de Colômbia. A partir de 2024, o banco deve aderir aos requisitos específicos de adequação de capital:

Métrica regulatória	Porcentagem necessária	Status de conformidade Aval
Taxa de adequação de capital mínima	9%	11.2%
Índice de capital de camada 1	4.5%	8.7%

Requisitos regulatórios de lavagem de dinheiro e conhecimento de seu cliente

Aval implementa os protocolos abrangentes da AML/KYC exigidos pela lei colombiana:

• Sistema de monitoramento de transações cobrindo 100% das contas de clientes
• Treinamento anual de conformidade para 12.500 funcionários
• Relatando 1.245 transações suspeitas às autoridades financeiras em 2023

Legislação de proteção de dados e privacidade em serviços financeiros

Métrica de proteção de dados	Detalhes da conformidade
Conformidade de proteção de dados pessoal	Certificado sob a lei 1581/2012
Investimento de segurança cibernética	Policial 45,6 bilhões em 2023
Dados Brecha Incidentes	0 incidentes relatados em 2023

Padrões de governança corporativa para instituições financeiras

A estrutura de governança corporativa da Aval inclui:

• 7 membros independentes do conselho de 11 membros do conselho
• 4 comitês de nível da diretoria que supervisionam o risco e a conformidade
• Classificação do índice de transparência de 90/100 de avaliações de governança corporativa

Penalidades de conformidade regulatória em 2023: COP 0 (zero multas impostas).

Grupo Aval Acciones Y Valores S.A. (Aval) - Análise de Pestle: Fatores Ambientais

Iniciativas bancárias sustentáveis ​​e estratégias de financiamento verde

O Grupo Aval cometeu 1,2 trilhão de policiais a iniciativas de finanças sustentáveis ​​em 2023. O portfólio de finanças verdes do banco atingiu 450 bilhões de policiais, representando um aumento de 22% em relação a 2022.

Categoria de finanças verdes	Valor do investimento (COP)	Porcentagem de portfólio
Projetos de energia renovável	275 bilhões	61.1%
Transporte limpo	85 bilhões	18.9%
Agricultura sustentável	90 bilhões	20%

Compromissos de redução de emissão de carbono

Grupo Aval direcionado A redução de 35% nas emissões operacionais de carbono até 2025. A medição atual da pegada de carbono é de 78.500 toneladas de CO2 equivalente em 2023.

Fonte de emissão	Emissões de carbono (toneladas métricas CO2)	Alvo de redução
Consumo de energia do escritório	42,300	25%
Viagens de negócios	18,600	40%
Data centers	17,600	30%

Avaliação de Risco Ambiental

O GRUPO Aval implementou a triagem de riscos ambientais para 92% das carteiras de empréstimos corporativos em 2023. Avaliação de risco coberta setores, incluindo energia, agricultura e fabricação.

Setor	Empréstimos totais avaliados	Empréstimos de alto risco ambiental
Energia	350 bilhões de policiais	18%
Agricultura	275 bilhões de policiais	12%
Fabricação	425 bilhões de policiais	22%

Programas de sustentabilidade de responsabilidade social corporativa

O Grupo Aval investiu 35 bilhões de COP em programas de RSE focados em sustentabilidade durante 2023. As áreas de programa incluíram educação ambiental, conservação da biodiversidade e iniciativas de sustentabilidade da comunidade.

Programa de RSE	Investimento (COP)	Alcance beneficiário
Educação Ambiental	12 bilhões	45.000 estudantes
Conservação da biodiversidade	15 bilhões	3 Parques Nacionais
Sustentabilidade da comunidade	8 bilhões	12 comunidades rurais

Grupo Aval Acciones y Valores S.A. (AVAL) - PESTLE Analysis: Social factors

Increasing demand for digital-first financial services, especially from younger demographics.

You are seeing a relentless push toward digital-first financial services, driven by younger, mobile-native customers who expect instant, seamless experiences. Grupo Aval is responding, with digital transformation as a core strategic priority for 2025. The challenge is not just launching an app, but achieving high-volume adoption that shifts transaction costs away from the expensive physical network, which still includes 996 Branches and 2,833 ATMs.

The company is leveraging its in-house tech firm, ADL Digital Lab, which is actively developing new platforms in 2025. This focus is critical, especially after reporting a 25% increase in mobile banking users during 2024. Plus, the authorization of GOU PAYMENTS S.A. EASPBV (a specialized electronic deposits and payments company) in 2025 shows a commitment to the low-value digital payments space. This is a race for the customer journey.

Here are the key metrics driving this digital shift:

• Total consolidated customer base: Over 15.2 million.
• 2024 Mobile Banking User Growth: 25% increase.
• Strategic Focus: Digital transformation is one of six corporate priorities for 2025.

Significant financial inclusion gap in rural and low-income areas requires tailored products.

The financial inclusion landscape in Colombia is a story of two economies, creating both a social obligation and a market opportunity for Grupo Aval. Access to basic deposit products is near-universal in urban areas, but drops sharply in rural regions to just 65.6% of adults [cite: 7 from previous search]. This exclusion is a major barrier to economic growth (productivity, growth, and well-being) for millions of Colombians.

To bridge this gap, the group relies heavily on its extensive physical network, which includes 120,085 Banking correspondents as of December 2024. These correspondents are crucial for providing basic services in remote areas. However, the real opportunity is in credit access: only 36.2% of adults in Colombia have access to any formal credit product [cite: 11 from previous search]. This low credit penetration demands tailored, micro-loan and simplified product offerings that manage the higher risk profile of the informal economy.

High unemployment rates, particularly youth unemployment, increase credit risk and non-performing loans.

Macroeconomic employment trends directly impact the stability of the loan portfolio, especially in the consumer segment. While the overall unemployment rate in Colombia improved to 8.2% in September 2025 [cite: 2, 3, 8 from previous search], the youth unemployment rate remains stubbornly high at 14.6% for the same period [cite: 2, 3, 8 from previous search]. This large cohort of underemployed or unemployed young people represents a significant credit risk pool.

This social factor translates directly into the group's asset quality metrics. While the consolidated 90-day Non-Performing Loan (NPL) ratio improved to 3.5% as of June 2025 [cite: 9, 12 from previous search] (down from 4.2% a year earlier), the cost of risk for consumer loans remains elevated at 4.2% for the second quarter of 2025. That's the quick math on social stress impacting the balance sheet.

The table below shows the clear link between the social environment and credit risk:

Metric	Value (as of 2025)	Risk/Opportunity
Colombia Unemployment Rate	8.2% (Sep 2025) [cite: 2, 3, 8 from previous search]	Macro-stress indicator, affecting loan repayment capacity.
Colombia Youth Unemployment Rate	14.6% (Sep 2025) [cite: 2, 3, 8 from previous search]	High-risk segment for new consumer credit products.
Grupo Aval 90-Day NPL Ratio	3.5% (June 2025) [cite: 9, 12 from previous search]	Improving asset quality, but still sensitive to employment volatility.
Grupo Aval Consumer Loan Cost of Risk	4.2% (2Q2025)	Highlights the higher loss provisioning required for the retail segment.

Growing public scrutiny on bank fees and service transparency drives a need for empathetic pricing.

Public sentiment in Colombia is increasingly focused on the fairness of financial services, particularly regarding fees and pricing transparency. This is not just consumer grumbling; it is a regulatory driver. The Superintendencia Financiera de Colombia (SFC) is actively monitoring the impact of recent reforms on low-value payment systems and fees. This focus means banks must offer empathetic pricing (low- or no-fee products) to maintain public trust and avoid regulatory intervention.

For Grupo Aval, fee income is a substantial part of non-interest revenue, with the Fee income ratio reaching 20.5% for the second quarter of 2025. This revenue stream is directly exposed to public and regulatory pressure. The SFC's role in managing Petitions, Complaints, Claims, Suggestions, and Reports (PQRSD) makes customer dissatisfaction a defintely measurable operational risk. The group must balance its fee-based revenue with the social demand for accessible, low-cost banking. A single, poorly managed fee structure could invite a regulatory review and damage the brand.

Grupo Aval Acciones y Valores S.A. (AVAL) - PESTLE Analysis: Technological factors

Aggressive investment in digital platforms like Dale! to compete with FinTech.

Grupo Aval has adopted an aggressive digital-first strategy to compete with the rapid growth of non-traditional financial technology (FinTech) players like Nequi and Daviplata. The spearhead of this effort is Dale!, the group's own digital wallet and Banking-as-a-Service (BaaS) platform. This is not a partnership with Nequi, but a direct competitive response to the neo-banking trend. Dale! has demonstrated significant traction, consolidating its position with more than 4 million users as of October 2025.

The platform's success was recently validated by a Platinum Prize in Digital Transformation at the Fintech Américas 2026 gala, which was announced in late 2025. This aggressive push is essential, as its main competitors, Nequi and Daviplata, already command a massive user base, with Nequi reporting approximately 13.5 million users. The strategic focus is on creating a comprehensive digital ecosystem that integrates services like bill payments, concert pre-sales via #ExperienciasAval, and remittances, making the platform sticky for retail clients. One clean one-liner: The fight for the digital wallet customer is fierce.

Here is a quick comparison of the competitive landscape based on available user data:

Digital Platform	Parent Company	User Base (Approximate)	Strategic Role
Dale!	Grupo Aval	4+ million (October 2025)	Direct FinTech competitor, BaaS provider, Digital Ecosystem Hub.
Nequi	Bancolombia	13.5 million (Early 2023 data, a key benchmark)	Market leader, primary competitor.
Daviplata	Davivienda	14.6 million (Early 2023 data, a key benchmark)	Market leader, primary competitor.

Escalating cybersecurity threats require continuous, high-cost upgrades to protect millions of customer accounts.

The rapid digital migration and the sheer scale of the customer base make cybersecurity a continuous, high-cost operational imperative. Grupo Aval serves a massive population, including approximately 15.8 million banking customers and 17.6 million members of its pension and severance funds manager, Porvenir. Protecting these millions of accounts from increasingly sophisticated threats, like those leveraging generative Artificial Intelligence (GenAI) for hyper-realistic phishing and adaptive malware, demands a substantial and non-negotiable budget.

While a specific 2025 budget for Grupo Aval is not disclosed, the global trend confirms the pressure: worldwide cybersecurity spending is projected to reach approximately $213 billion in 2025, a clear indicator of the escalating investment required just to maintain a baseline of digital defense. You defintely can't skimp on this. The cost of a major breach-in fines, reputation damage, and customer churn-far outweighs the cost of continuous, high-end security upgrades, including advanced threat detection and automated incident response tools.

Use of Artificial Intelligence (AI) for credit scoring and personalized customer service is a core focus.

Artificial Intelligence is no longer a future concept; it's a core operational tool at Grupo Aval, particularly for managing risk and enhancing customer interaction. In the first quarter of 2025 (1Q25), the company announced a strategic partnership with Microsoft specifically to boost the use of AI in everyday operations. This initiative is designed to achieve three key goals:

• Enhance customer experience.
• Improve operational efficiency.
• Strengthen data-driven decision-making.

Specifically in the lending business, AI is already integrated via advanced scoring models. For the mass-market consumer portfolio, these models leverage behavioral information, sociodemographic variables, and a customer's profile to assess credit risk. This allows for more precise and faster credit decisions, which is crucial for consumer loan growth, expected to be in the 8.5% area for 2025. The group is also exploring generative AI for customer self-service channels to increase the effectiveness of sales leads generated through their digital applications.

Legacy core banking systems pose a challenge to rapid product deployment and operational efficiency.

Despite the aggressive investment in customer-facing FinTech like Dale!, the underlying core banking systems (the foundational technology that processes transactions and maintains accounts) across Grupo Aval's multiple banks pose a structural challenge. The push toward Open Finance (OpenBanking) and NeoBanking models requires a fundamental 'Transformation of the Technological Architecture,' as noted by the group's digital lab, ADL Digital Lab. Here's the quick math: older, siloed systems slow down the speed at which new, competitive products can be launched.

The complexity of integrating four separate commercial banks (Banco de Bogotá, Banco de Occidente, Banco Popular, and Banco AV Villas) under a single, seamless digital experience is substantial. The need to transform the core architecture is a strategic priority to achieve the following:

• Enable rapid product deployment (time-to-market).
• Improve operational efficiency and reduce the cost-to-serve.
• Support the full vision of an Open Finance ecosystem.

This architectural evolution is a multi-year, multi-million-dollar capital expenditure (CapEx) project, still a major strategic hurdle that must be overcome to maintain long-term competitiveness against born-digital FinTech rivals.

Grupo Aval Acciones y Valores S.A. (AVAL) - PESTLE Analysis: Legal factors

Stricter Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance mandates across all operating countries.

You are facing a significant ratcheting up of Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements across your core markets, especially in Colombia and Central America. This isn't just a paperwork issue; it's a major technology and operational cost center. The Colombian National Directorate of Taxes and Customs (DIAN) issued Resolution No. 000204 in April 2025, which mandates more granular reporting on foreign exchange (FX) transactions.

This new rule requires the reporting of specific data points like the name of the beneficiary or recipient, the sender, and the city and country of the receiving or sending bank account. This level of detail forces a substantial upgrade to your transaction monitoring and customer data systems to ensure compliance with the new reporting deadlines, such as the one for the 2025 quarters by January 2026. Here's the quick math: more data fields mean more false positives, requiring more human analysts.

The constant global push for transparency means your AML/KYC infrastructure needs to be defintely top-tier.

New data privacy and protection laws (similar to GDPR) increase compliance costs and data management complexity.

The global trend toward comprehensive data privacy legislation, similar to the EU's General Data Protection Regulation (GDPR), is hitting your operating jurisdictions hard, increasing both compliance costs and the risk of significant fines. In Colombia, the maximum institutional fine for non-compliance with personal data legislation is substantial, reaching up to 2,000 monthly legal minimum Colombian wages, which translates to approximately USD 695,000 for 2025.

Plus, your US presence exposes you to a patchwork of new state laws, with eight new comprehensive privacy laws taking effect in 2025 in states like Delaware, Iowa, and New Jersey. These laws often have varying definitions of sensitive personal data and introduce new consumer rights, forcing a fragmented, costly compliance strategy. For the financial sector, non-compliance with regulations that contribute to a data breach incurs an average cost of almost $220,000 more than a compliant breach, according to industry reports.

Jurisdiction/Regulation	Key 2025 Compliance Impact	Financial Risk/Metric
Colombia (DIAN Res. 000204)	Mandatory detailed FX transaction reporting (sender/recipient name, city, country).	Max institutional fine for data non-compliance: ~USD 695,000.
US States (e.g., Delaware, New Jersey)	Eight new comprehensive privacy laws take effect in 2025.	Average breach cost increase for non-compliance: ~$220,000.
Global Standard (G20 Roadmap)	Pressure to reduce cross-border payment costs.	Target for retail cross-border payment cost: no more than 1% by 2027.

Regulatory pressure to reduce interchange fees and transaction costs for consumers and merchants.

Regulatory bodies are actively pushing to lower the cost of digital transactions, which directly pressures your revenue from card and payment processing fees. In Colombia, card fees currently average between 3.3%-3.5% plus a fixed fee for merchants, while the local electronic payment system, PSE (Pagos Seguros en Línea), is typically lower at 2.65% plus a small fixed fee. These figures represent the current high-margin environment that regulators and consumer groups are targeting.

The global G20 roadmap for improving cross-border payments, which is a major driver of regional policy, aims to reduce the global average retail cross-border payment cost to no more than 1% by 2027. This long-term goal signals an inevitable squeeze on the current fee structure, forcing you to find operational efficiencies to maintain profitability as interchange fees decline.

Cross-border legal complexity managing diverse banking regulations in six different jurisdictions.

Operating in six distinct jurisdictions-Colombia, Panama, Costa Rica, El Salvador, Honduras, and Nicaragua-means you must navigate six different sets of banking, consumer protection, and labor laws, plus the US regulatory environment for your ADRs. This is a massive overhead. The complexity is compounded by the global adoption of new standards.

The sheer volume of new international regulations, like the EU's Digital Operational Resilience Act (DORA) effective January 17, 2025, for financial entities, sets a high bar for digital resilience and third-party oversight that often becomes a de facto global standard for large financial institutions. Also, the ongoing transition to the ISO 20022 messaging standard for cross-border payments is a significant, mandatory systems overhaul that requires simultaneous, coordinated implementation across all six countries to avoid operational delays.

• Manage six unique national banking superintendencies and central banks.
• Implement new FX reporting rules (DIAN 2025) across all relevant cross-border flows.
• Coordinate the transition to the new ISO 20022 global payment standard.
• Align data protection policies with both local laws and the US state-level privacy patchwork.

Finance: draft a 13-week cash view by Friday to model the impact of a 50-basis-point reduction in average interchange fees.

Grupo Aval Acciones y Valores S.A. (AVAL) - PESTLE Analysis: Environmental factors

Mandatory Environmental, Social, and Governance (ESG) reporting standards are increasing.

You are seeing a clear, non-negotiable shift from voluntary disclosure to mandatory, globally-aligned ESG reporting, and Grupo Aval is defintely responding. The pressure isn't just from Colombian regulators, but from US investors who demand transparency under SEC rules.

Grupo Aval is already reporting under multiple international frameworks, which is smart risk mitigation. They use the GRI Standards (Global Reporting Initiative) and the SASB framework (Sustainability Accounting Standards Board), specifically for the Commercial Banking industry, which represents about 79.8% of their consolidated assets.

Crucially, they align their climate risk management with the recommendations of the TCFD (Task Force on Climate-related Financial Disclosures), now being adopted and strengthened by the International Financial Reporting Standards Foundation's (IFRS) IFRS S2 standard. This means their climate data is moving from a sustainability report footnote to a core financial disclosure. The Colombian Finance Superintendence's External Circulars 031/2021 and 012/2022 also mandate specific information elements.

Here's the quick math on their strategic alignment:

• Core Reporting: GRI Standards (Essential option) and SASB.
• Climate Risk Standard: TCFD/IFRS S2.
• 2025 Action: The exercise to update the double materiality analysis will be carried out in 2025, ensuring their priorities match stakeholder impact and financial risk.

Climate change risk exposure in loan portfolios, especially those tied to agriculture and infrastructure.

The transition risk from climate change is a direct credit risk for a bank of Grupo Aval's size. Their total gross loan portfolio was Ps 199,357.1 billion as of June 30, 2025, and a significant portion of that commercial book is tied to climate-vulnerable sectors.

The group's banks are implementing the Environmental and Social Risk Management System (ESRMS), with full implementation expected in 2024 across Banco de Occidente, Banco Popular, and Banco AV Villas. This is their primary tool to manage this exposure.

We see the risk already surfacing in key commercial segments. For example, the infrastructure sector drove a 38.5% quarterly decrease in the commercial loan book in 4Q2024, partly due to lower work progress in some concessions, which can be exacerbated by climate-related delays or regulatory shifts.

To give you a sense of the scale, Banco de Bogotá assessed $31 trillion pesos of its loan portfolio at the end of December 2023, categorizing 18.5% of that amount as high environmental and social risk. That's a substantial block of capital requiring heightened scrutiny.

Climate-Vulnerable Sector	Loan Portfolio Impact (2025)	Risk Management Action
Infrastructure & Energy	Lower contribution was a main driver of commercial loan decrease in 2Q2025.	Focus on financing sustainable projects and energy transition.
Agriculture (Traditional Sectors)	Included in the traditional sectors of the commercial loan portfolio.	ESRMS implementation to minimize environmental and social risks in lending.
High E&S Risk Loans	18.5% of the assessed portfolio (Ps 31 trillion) at Banco de Bogotá was classified as high risk (2023 data).	Full implementation of ESRMS across all Aval banks in 2024.

Growing shareholder and public pressure to finance green projects and issue sustainability-linked bonds.

Shareholders are demanding a clear path to a low-carbon economy, and Grupo Aval is actively channeling capital toward this transition. Their commitment is visible in their sustainable financing numbers, which exceeded $23 trillion Colombian pesos in 2024 for projects like renewable energy, sustainable mobility, and environmental conservation. That's real money making a real impact.

Issuing green and sustainable debt is a core strategy. Banco de Bogotá, a subsidiary, was a pioneer, issuing Colombia's first sustainable subordinated bond in the international market for USD$ 230 million. This not only raises capital but also signals a credible commitment to the market.

While green bonds remain strong globally in 2025, the market for sustainability-linked loans (SLLs)-where the interest rate is tied to the borrower's achievement of ESG targets-is experiencing relative weakness. This suggests that investors are becoming more discerning and demanding higher quality, verifiable metrics, so the bank must ensure its targets are robust.

Need to reduce the operational carbon footprint of their extensive branch network and data centers.

The operational footprint of a large financial conglomerate is significant, mostly driven by energy use in their extensive branch network and data centers. Grupo Aval has set an aggressive near-term target: achieving carbon neutrality in scopes 1 and 2 by 2025. This is a firm, actionable commitment.

Their longer-term goals are equally clear: a 51% reduction in emissions by 2030 and moving toward a Net Zero by 2050 target. They are not just talking; they are measuring and offsetting.

The holding company's total carbon footprint in 2024 was 599.2 t CO2 (tonnes of CO2 equivalent). To meet their 2025 neutrality goal, they offset their 2024 footprint (Scopes 1, 2, and partial 3) by purchasing 600 carbon credits. This is a necessary, albeit short-term, measure for neutrality.

Operational efficiency is improving, too. In 2024, the holding company reduced energy consumption by 3.9% and water consumption by 17.7%. Still, the energy used by the holding company in 2024 was 166.28 MWh, and 100% of it came from non-renewable sources, highlighting the next big hurdle in their transition plan. They need to start shifting that energy mix.